Testamentary Trust Form Foreign Beneficiary
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FAQ
A resident or domestic fiduciary for an estate or trust, any beneficiary of which is a nonresident alien, is required to file Form 1041 and a return for the beneficiary (Form 1040-NR) in all cases in which a return is required of the nonresident alien.
Foreign nongrantor trusts All trusts that are not grantor trusts are considered nongrantor trusts for US purposes. Foreign nongrantor trusts are not generally subject to US tax, unless the trust earns US source or effectively connected income.
A statement that the trust will permit either the IRS or the U.S. beneficiary to inspect and copy the trust's permanent books of account, records, and such other documents that are necessary to establish the appropriate treatment of any distribution or deemed distribution for U.S. tax purposes.
Trusts can have multiple beneficiaries, including the trustee. Naming a non-US citizen as a beneficiary of a Trust could have consequences for inheritance or income-tax. For one, selecting a foreign citizen as a beneficiary can expose the Trust to increased tax liability.
Foreign non-grantor trust (with US or non-US grantor) The trust is generally subject to US tax on income from US sources, unless the income is distributed in the year it arises to a beneficiary of the trust. Distributions to US beneficiaries from a foreign non-grantor trust are subject to a complex set of rules.